Tax Advice

Profit fade comes into play when a company’s profit is lower than expected or budgeted. It can happen in any industry, but it unfortunately happens quite often in construction. Profit fades are common to construction companies due to the complex nature and some unknown variables in the industry. Often the …

The main objective of bookkeeping is to have an accurate record of all the money going in and out of your business. Having a rental property requires good bookkeeping skills or having an experienced bookkeeper on staff. When you know how your business is doing at any point in time, …

For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it. It’s in your best interest as a business owner to buck this trend. Keeping …

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the stock appreciates, …

Is the “new, improved” Form 1040 actually helpful to taxpayers – or do the design changes actually make filing taxes more of a chore? Two congressmen on the tax-writing Ways and Means Committee are trying to get some answers. Accounting Today reports that Richard Neal, the chairman of the committee, …

HK Financial Services Market Recap for Week Ending 2/15/19 Overview: Stocks around the globe were higher last week, driven by U.S.-China trade optimism and the avoidance of another partial government shutdown. The S&P 500 was up 2.6%, and international developed stocks were 1.4% higher on the week, despite weak growth …

In the restaurant industry, where long hours and thin profit margins are the norm, owners and managers often lack the time and resources to focus on fraud. Unfortunately, restaurants can provide crooked employees, customers and vendors with plenty of opportunities to steal. So you need to be able to recognize …

The Tax Cut and Jobs Act substantially improved the Child tax credit and introduced a brand-new credit for dependents. The credits effective for year 2018 so be sure to factor these into your tax filings for 2018. Here is a summary of both credits: The Child tax credit is $2,000($1,400 …

Expiring Enrollments to be Extended While the headline might seem a month late, the IRS recently reminded enrolled agents (EAs) that the effects of the government shutdown didn’t suddenly come to an end on January 25 when the president signed a stopgap spending bill. In addition to forcing the cancellation …